Belfast headquartered data analytics startup INQDATA has raised £750,000 funding from the Investment Fund for Northern Ireland’s equity arm.
INQDATA provides analytics solutions for infrastructure management, storage, preparation and data access for market data across capital markets.
The investment round was led by Clarendon Fund Managers, with the company also receiving investment from new investors, Iona Star Capital and Techstart Ventures. In total, the round generated £2.5m for INQDATA.
INQDATA CEO Theodore Voegt said the company’s data-made-easy cloud-based solution has the power to be transformative for financial institutions and hedge funds around the world.
He said: “To maintain a competitive edge, it is a strategic imperative for firms to adopt a modern technology stack that fosters business growth. Our high-performance, cost-effective market data-as-a-service solution allows firms to accelerate time-to-value and reduce their total cost of ownership.
“We are proud of our deep Northern Ireland roots and really see Belfast and Newry as global centres of excellence. While our sales teams will be based in London, which is where our clients mostly are, we will certainly have a strong foothold in Northern Ireland.
“This investment marks a tipping point for us, and we feel very privileged to have the backing and support of the Investment Fund for Northern Ireland through Clarendon Fund Managers, Iona Star Capital and Techstart Ventures.”
Clarendon Fund Managers Investment Director, Brian Cummings said: “INQDATA’s technology is a game-changer for both financial data vendors, as it makes their data sets more easily accessible, while also transforming how financial institutions not only accelerate time-to-insights to find an edge but also reduce data management costs.
“Supporting innovative companies like this is exactly what the Investment Fund for Northern Ireland was created for, and I am delighted to be working with the team at INQDATA and seeing where this exciting journey leads to.”
The £70million Investment Fund for Northern Ireland offers a range of commercial finance options including debt finance and equity investment to support businesses from all sectors in Northern Ireland and at different growth stages.
Clarendon Fund Managers provides equity stakes in businesses up to £5million while Whiterock manages the debt fund, offering loans of £25,000 up to £2million.